Joseph's "Just My Thoughts"

Being wealthy means your assets grow larger, and their value increases too. The purpose of all economic activity is to secure assets. The more assets you have, the more opportunities you create. Assets represent the total of what one owns and borrows from others. In other words, it is the complete amount of resources available for earning time. Resources serve as the foundation for acquiring additional resources. It’s like using small earthworms as bait to catch fish. Thus, it is said that money makes money. This is referred to as financial income. Income is primarily categorized into earned income and financial income. If you have a substantial earned income but lack financial income, you are more likely to face poverty in the future. - Joseph’s “just my thoughts”

Time is wiser and smarter than humans. The reason a regular income is necessary for escaping poverty is to fully utilize time’s value. If a person without a regular income invests, they must invest with money that cannot afford to wait, which forces them to spend the investment funds while waiting for the right opportunity. This may lead to missing a good investment. If the person has already invested, they might not be able to wait to recoup their investment, resulting in debt to others. Individuals who struggle to use their time effectively due to insufficient assets must generate a regular income unconditionally. The reason for having ample assets is to buy time. - Joseph’s “just my thoughts”

Courage and brazenness , which ordinary humans often lack, are essential assets for beggars . Courage —especially the kind that others cannot easily afford —holds significant value. This value stems from the essence of courage itself rather than its rarity. We need brazenness when we owe others for a time, yet we must act for ourselves, even at the cost of feeling remorse . Thus, intangible assets like courage and brazenness can replace tangible assets such as cash. Let’s not despair over our lack of material possessions. This does not imply that we should be beggars ; rather, it suggests that there are many models in the world to follow . - Joseph’s “just my thoughts”

Crisis overcoming and development both begin with “what I have,” not “what I have lost.” “What I have” consists of [everything I possess now, including what I lent to others] minus [what I’ve borrowed from others], [what I’ve inherited], [what I’ve received as gifts], and [what I’ve taken unlawfully]. [What I have] + [What I’ve inherited] + [What I’ve received as gifts] is referred to as [own assets] or [net assets], additionally includes [something I borrowed], and subtracting [something stolen] in my possession, it is called [asset]. To pay off the liabilities (debts), you must have [net assets] or possess [something I borrowed from others]. The only other way to do this is to repay with [something I stole], but it’s a crime. The ultimate goal of any business activity is to acquire [assets]. - Joseph’s “just my thoughts”

Credit not only reduces costs and expenses, but it also boosts revenues; none of the economic resources compares to this. According to World Bank senior researchers Stephen Knack and Philip Keefer, a 10% increase in the confidence index would lead to an average annual economic growth rate increase of 0.8%. Individuals who lack trust and only seek financial gain are more likely to be ruined by money. While credit is an abstract concept, we must not forget that it remains one of the few valuable assets influencing our lives. - Joseph’s “just my thoughts”

Emotions are valuable. Depending on the timing and the emotions you express, you can overcome blocked negotiations and receive positive responses from your loved ones. However, if handled poorly, they can undermine positive outcomes. Thus, emotions are crucial assets. This is why it’s essential to always consider how your feelings impact others. - Joseph’s “just my thoughts”

Warren Buffett’s assets were once estimated at $82 billion. 90% of these assets have been earned by Warren Buffett since he turned 65. The way to make money over time without labor is through finance; it’s an interest. One of the most economically effective methods is ‘compounding.’ This involves deriving interest from the principal and then earning interest again on the total of the interest and principal, continually repeating this process, making compounding the most efficient money-making method discovered by humanity. The same applies to stock investments; to achieve this compounding effect, you need to earn at least a 4% annual return. However, this is only valid for long-term investments like those of Warren Buffett. - Joseph’s “just my thoughts”